Agency
Which type of agency is created without a formal written agreement but arises from the conduct of the parties?
AExpress agency
BImplied agency✓ Correct
CDesignated agency
DGeneral agency
Explanation
Implied agency arises from the actions and conduct of the parties rather than from a formal written agreement. For example, if a licensee begins performing services for a client without a written agreement, an implied agency may be created.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
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